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Did India’s big bang pandemic reforms hit home?

“Even though the government used the pandemic to announce a lot of long-standing reforms the implementation is still lagging. We still have to wait out for next year to see whether and how quickly the reforms announced are finally being implemented,” said Tanvee Gupta Jain, Economist, UBS Securities.

Will Omicron put the breaks on India’s recovery?

The head of drugmaker Moderna said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been previously, sparking fresh worry in financial markets about the trajectory of the pandemic.

Outlook for Indian banks is stable, says Moody’s

Outlook for Indian banks is stable as a likely pick up in lending growth in a supportive policy environment is expected to drive credit cost down, Moody’s Investors Service said.

Shares give up gains ahead of GDP data, global futures down as well

The stock market is on course for its first monthly drop in seven as markets gave up early gains on Tuesday amid investors awaiting Q2 GDP data. Dow Futures were down 350 points or over 1% around 11:30 am.

A Reuters survey of 44 economists indicates India’s economy grew at 8.4% during Q2

India’s economy contracted 7.5% during the same period last year as the pandemic-induced lockdown ravaged economic growth.

From the worst ever recession which we saw last year when the economy declined 7.3%, this year we are seeing a 9.5% GDP growth. I would say that is largely due to a favourable base. The actual rebound on the ground has been muted.

– Tanvee Gupta Jain, UBS Securities

Rupee gains 20 paise to 74.87 against US dollar in early trade

Government support for the rural sector is slowly being withdrawn. This implies that rural growth is likely to slow going ahead which could pose some headwinds for growth, but may be offset at least partially by a recovery in urban demand.

– Teresa John, Economist, Nirmal Bang Institutional Equities

India reports 6,990 new Covid-19 cases

India also reported 190 deaths and 10,116 recoveries in the last 24 hours. This brought the active caseload to 1,00,543, while total vaccinations are seen at 1,23,25,02,767.

Union Health Secretary Rajesh Bhushan will hold a review meeting with States on the Omicron variant of COVID-19 today

We are seeing a mixed recovery in India, definitely not a broad-based recovery. But we are expecting improvement in demand-side indicators including vehicles, property, home and personal care and consumer durables.

– Tanvee Gupta Jain, economist, UBS Securities

All you need to know ahead of the Q2 GDP numbers

All you need to know ahead of the Q2 GDP numbers

Kazakhstan suspends flights with Egypt over Omicron variant

The Nur-Sultan government added that it would curb entry for citizens of a number of other African nations, as well as Hong Kong, and screen arrivals from countries where the variant has been reported.

CDC says ages 18 and up should get booster shot

The Centers for Disease Control and Prevention on Monday broadened its recommendation for COVID-19 booster shots for all adults as the new omicron variant is identified in more countries. The agency had previously approved boosters for all adults, but only recommended them for those 50 years and older or if they live in a long-term care setting.

WHO warns that new virus variant poses ‘very high’ risk

The assessment from the U.N. health agency, contained in a technical paper issued to member states, amounted to WHO’s strongest, most explicit warning yet about the new version that was first identified days ago by researchers in South Africa. It came as a widening circle of countries around the world reported cases of the variant and moved to slam their doors in an act-now-ask-questions-later approach while scientists race to figure out just how dangerous the mutant version might be.

India has always condemned acts of violence in Syria as well as violations of human rights law, irrespective of who their perpetrators are

– Pratik Mathur, Counsellor in India’s Permanent Mission to UNGA on UNSC Arria-formula meeting

Watch out for the global energy crisis and its impact on recovery and growth: Experts

Chandigarh: South Africa returnee tests positive for COVID-19

One of his family members & domestic help are also positive for the disease. The samples of positive cases will be sent for whole-genome sequencing to NCDC, Delhi to ascertain variant of coronavirus, says administration

All international passengers who test negative for COVID-19 on arrival in Bengaluru will be put in quarantine for seven days. They will be tested again after seven days. 598 such passengers are under surveillance

– Bengaluru Rural District Health Officer

Aggregate capex of 24 states grew 62.2% in Q2 massively down from 98.4% in Q1.

Government capex grew 51.9% in Q2 as against 26.3% in the same previous quarter of the current fiscal

GDP seen growing at 8.3% in Q2, 9.4% full year: ICRA

The agency has attributed the higher growth to the nine consecutive quarters of over 3% agriculture growth, which has brightened consumer spending and the resultant uptick in private final consumption expenditure, which is likely to clip at around 10% in the September quarter of the current fiscal.

Government expected to continue to spend buoyed by higher tax collections

IIP growth was marginally higher in August

  • 11.9% in August 2021
  • 11.5% in July 2021

SBI sees scope for an upward bias

SBI Research has forecasted GDP growth for Q2 at around 8.1% (with upward bias) while Q2 GVA is estimated at 7.1%. India’s projected 8.1% growth rate in Q2FY22 is the highest growth across all economies, they said.

How it looks, so far:

How it looks, so far:

The RBI put forth a 9.5% growth forecast for India, matching the IMF’s predictions

Last quarter’s numbers

Last quarter's numbers

GDP surged 20.1% in June quarter of FY22

India’s economy expanded at its fastest ever in the June quarter, helped by the low base of the year-earlier record contraction and a strong rebound in manufacturing and construction, data released in August showed.

Economy likely picked up in Sept quarter before Omicron spread

  • Data was expected to show that India’s economic recovery strengthened in the July-September quarter, helped by a pick-up in consumer spending, though the spread of the Omicron coronavirus variant raised fears for the future.
  • Asia’s third-largest economy has been seeing a rebound from last year’s deep slump, boosted by rising vaccination rates and a pick-up in government spending.
  • But as the market awaited the figures, health authorities said they were tightening testing at airports, in the wake of the spread of the Omicron variant. Prime Minister Narendra Modi on Saturday ordered a review of plans to ease travel curbs.

Everyone’s projections for today’s numbers:

Everyone's projections for today's numbers:

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